Sierra Leone: Sunergy Announces Positive Financial Results
Sunergy Inc has announced positive financial results in 2010:
During 2010 the Company nearly doubled its Assets from $1,000,054 to $1,903,002, largely through the completion of Allied Mining and Supply ($753,497) and its 140.1 sq.km. Gold, Diamond and Rare Earth Pampana River Concession in Sierra Leone, West Africa.
– Finalized the debt settlement ($664,402) on its 150 sq. km. Nyinahin Gold, Diamond and base metal concession in Ghana, West Africa.
– Reduced short term debt from $635,531 to $91,592.
– Raised $322,461 in Cash through issuance of restricted shares and warrants.
– Raised Stockholder’s Equity from $364,523 to $1,811,910.
– Increased Paid in Capital from $340,283 to $2,709,121
– Initiated purchase of Dredge and related equipment through $50,000 deposit on $200,000 of equipment for Pampana River operations which were fully paid for and delivered in Q’1- 2011.
Chairman P.K. Medhi said: “Management is pleased that this task of catching up the financials is entering its final phase. We have implemented changes and systems that should enable us to comply with our ongoing reporting requirements without fail. We remain committed to up-listing our Company at the earliest possible opportunity once full compliance is attained.”
Mark Shelley, the Company’s CFO, views the financials for 2010 in a very positive light. He says: “The Company’s financial position at the end of 2010 shows a marked improvement over 2009. As mentioned above, shareholder equity increased by over $1,400,000. We completed acquisitions and readied for operations which put us in a strong position going forward. After our exploration phase is completed for each of our concessions, we will begin the production phases, which will generate revenues. We plan to complete the exploration phase by 2011 and begin production activites in 2012.”
Dredging Today Staff, December 30, 2011; Image: sunergygold